Richard Hills, the managing director of Argyll Investment Management who wrote a definitive book on hedge funds, appears to have lost money for clients in the fraudulent $400m (€464m) collapse of Michael Berger's Manhattan Investment Fund 18 months ago.

Both Argyll and the then closely linked Sabre Select Fund appear among the long list of creditors of the failed hedge fund, which went under when the SEC collared Berger for fraud in January 2000.